Carl Icahn has a media problem

Commentary: Plus, NBA writers should buttonhole Stern

By

JonFriedman

NEW YORK (MarketWatch) -- Carl Icahn has a media problem.

What is it? He doesn't talk to the media nearly often enough.

The infamous investor/corporate raider has a reputation as the scourge of corporate America, which may well be deserved. But when I met him recently, he surprised me. I had been bracing for a combination of Gordon Gekko and Godzilla, but I found him to be funny, lighthearted and even a little -- gasp -- self-deprecating.

That's the Icahn more people should get to see. With the media's help, he could turn into another Robin Hood, having what every rich guy ultimately covets: a sterling legacy.

A few years ago, Icahn was trying to influence the strategy of Time Warner
TWX, -0.06%
at a time when its stock price had become an embarrassment. His ability to do so was reduced because the media giant shrewdly controlled the flow of information. Time Warner craftily helped to create the impression that Icahn was a reckless interloper.

Charmer

One night last week, I met Icahn at a cocktail party in Midtown Manhattan. He was poised to address a few hundred journalists and guests at the annual New York Financial Writers' Association dinner.

The guy is a charmer. He is funnier than Jay Leno, more good-naturedly acerbic than Don Rickles, and does more straight-talking than John McCain. He was a pleasure to talk with for the 30 minutes we chatted.

I won't try to tell you that Icahn, in real life, is a selfless, aw-shucks guy who just rolled into Gotham on the back of a turnip truck. He can seem off-putting because he is always in a hurry and suffers no fools gladly.

You can't schmooze or con him. Icahn figures that the media need him more than he needs any of us (and he might be right). I saw an example of how the rich and famous have either what amounts to either a suspicion or a casual disdain for the media when a producer from General Electric's
GE, +2.15%
CNBC approached Icahn before his speech.

She came over while Icahn was chatting with some other journalists and beseeched him to go on "Squawk Box," the network's signature, early-morning show. The hard-working producer did a commendable job of asking, cajoling, prodding and pushing Icahn. I was impressed by her grit.

Their dialogue went something like this:

CNBC Producer (very earnest): Mr. Icahn, we would so like for you to come on "Squawk Box" and ...

Icahn (unimpressed and nodding impatiently): I know Joe Kernen.

CNBC Producer (still determined): It would mean so much to us to have you on the show and ...

Icahn (but trying to be polite): Ummm. Yeah, ahhh.

Puckish Media Web columnist butting in: "And Carl, you get to go to New Jersey!"

CNBC Producer (fighting for her life by now): Yes, our studio is in Englewood Cliffs, New Jersey, and...

Icahn (impatient) : I know New Jersey -- I went to Princeton.

CNBC Producer (hanging on by a thread): It's a morning show so ...

Icahn (holding out a flicker of hope): Nine o'clock?

CNBC Producer: We'd need you earlier. Seven o'clock?

Icahn (aghast): Forget it!

You know something? If you didn't know any better, you'd think he was a bad guy.

MEDIA WEB QUESTION OF THE DAY: What question would you ask Carl Icahn?

MONDAY REPORT CARD: No sports commissioner is smarter than the National Basketball Association's David Stern. A lawyer by training, Stern has made a career out of solving problems, creating financial opportunities for the NBA and its partners and charming reporters. Now, the NBA is facing allegations from a discredited former NBA referee that officials helped influence the outcomes of playoff games a few years ago. I'm disappointed that sportswriters haven't sucked it up and asked Stern if he felt that he could have done more to fend off what has morphed into a brewing scandal.

If a brokerage house suddenly found itself in an ethical controversy -- an insider trading scandal, for example -- you can be sure that Wall Street journalists would buttonhole its chief executive. Why haven't sportswriters pushed harder on Stern, the CEO of the NBA? I hope reporters aren't letting him off the hook because he has a (deserved) reputation as a friend of the media.

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